Ethereum's market capitalization exceeds that of many international banks

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Ethereum beats Wells Fargo, Morgan Stanley, Visa and HSBC in terms of market capitalization

After gaining 50 % in the past three weeks, Ethereum's capitalization has surpassed that of banking giants such as Wells Fargo, Morgan Stanley, HSBC, Visa and Bank of China. Ethereum's market cap has once again surpassed $200 billion and is on track to overtake another major Chinese bank, the Industrial and Commercial Bank of China (ICBC).

The big gains in recent weeks have seen all the major cryptocurrencies recover to a small extent from the big declines earlier in the year. This positive sentiment is also confirmed by the stunning increase in daily trading volumes, up 15 % to more than USD 30 billion.

ETH alone is said to have risen by nearly 80 % since June, recovering from its lows of $990 and breaking through the $1,700 mark again. Ethereum trade volume reached 50 % Bitcoin volume in July.

In July, the total capitalization of cryptocurrencies returned above $1 trillion, with Bitcoin and especially Ethereum on the defensive.

All this has allowed Ethereum to surpass the banking giant of China in terms of capitalization, which, like all Chinese banks, is facing a major problem related to bad loans due to the deteriorating real estate market in China.

The worst-case scenario predicts up to $350 billion in credit losses from all Chinese banks, with major systemic risks for the entire Chinese financial sector.

How the cryptocurrency market reacts to this phase of uncertainty

So it seems that the market is once again betting on an early rise in cryptocurrency, a trend confirmed by the figure showing that the 65 % BTC in circulation has barely budged over the past year. A tangible sign that holders of the primary cryptocurrency believe in the rapid rise of the digital currency and prefer not to sell even after recent dips.

In fact, according to the data Glassnode, more than 65 % supply of BTC in circulation, or about 12.35 million BTC, has not been moved for at least a year.

According to the analyst firm, this number represents a significant increase compared to two years ago. That would be 8.55 million BTC that have not moved for at least two years (45 % of the total circulating supply) and about 7.22 million (38 %) of these have not moved for at least three years.